The markets could see a positive start today tracking global cues. The Dow Jones industrial average gained 0.9 per cent to 13,210. The Standard & Poor's 500 Index moved up 0.7 per cent to 1,400 levels.
Asian shares inched up on Friday, tracking US stocks which jumped overnight on strong housing data and earnings, but concerns over the health of European banks weighed on investor risk appetite after Standard & Poor's downgraded Spain's rating.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent, while Japan's Nikkei average opened virtually flat.
Back home, the Nifty is likely to seek support around 5,175-5,165, while it could face resistance around 5,200-5,210, technical analysts suggest. At 715 am Indian Standard Time, the SGX Nifty was trading at 5,222 levels – up 0.1 per cent.
Among individual stocks, tyre maker MRF has reported a 67.1 per cent increase in standalone net profit for the March quarter at Rs 150.1 crore.
On the other hand, Idea Cellular has reported a 12.7 per cent drop in its consolidated net profit to Rs 239 crore in the quarter ended March 2012.
Banking stocks could also be in focus today on reports that the Cabinet has approved a proposal to cap shareholders’ voting rights in private banks at 26 per cent irrespective of their total holding.
Murugappa Group company, EID Parry, is planning restructuring where it will merge the sugar facility in Andhra Pradesh and Karnataka with itself.
Also keep a tab on Axis Bank and ICICI Bank that will announce their respective March quarter results today.
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